Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IMF's Rato backs Nigeria reforms after terror alert 2 ABUJA
Published in Saudi Press Agency on 03 - 08 - 2004

grown reforms bear some resemblance to an IMF programme, including privatisation and budget discipline, but significantly avoids any punishments for missing economic targets such as inflation or overspending.
Rato was careful not to give Nigeria a full endorsement, and said any debt relief was ultimately a decision for the creditors, who are mostly members of the Paris Club of industrialised nations.
"The government wants to engage in talks with the Paris Club and we understand that," Rato told reporters.
"If the government is able to enhance its credibility and responds to the demands of the creditors ... then I think it will have a chance to get an agreement."
With a foreign debt burden of about $30 billion, Nigeria has repeatedly called on the Paris Club for talks on debt reduction. This year it plans to pay less than half its debt dues of $2.2 billion.
The Paris Club has never engaged in debt relief talks with any nation without a formal IMF programme. But with the IMF's monitoring, the Paris Club may reconsider.
"If the policy is credible enough I think there is room for negotiations, but it will be up to the Paris Club members to make the final decision," Rato said.
Nigeria's economy boomed by 10.9 percent last year, and the IMF projects gross domestic product to grow by 4.1 percent this year. Under Obasanjo's plan, Nigeria's growth is expected to hit 5 percent in 2005 and 7 percent beyond that.
Nigeria earns about $20 billion a year from oil, but two-thirds of the population of 130 million lives in poverty on less than one dollar a day.
Rato said he was encouraged by Nigerian policies on budget control, bank and tax reforms and legislative agenda, but called on the government to rein in inflation, which has risen to about 20 percent following the deregulation of the fuel retail sector.
"We have advised them to be very careful with inflationary pressures. They still have high inflation and it is difficult to manage an economy with two-digit inflation so they should address that with monetary and fiscal policy," Rato said.


Clic here to read the story from its source.